Wednesday, April 25, 2012

FOMC day charts

UK posted negative GDP for trhe second month in a row and slips back into recession. Temporary or a sign of things to come?
Otherwise pretty calm markets into todays FOMC. FOMC shouldn't matter as the Fed have promised to hold rates low until at least 2014 but market is still stalling.
Apple (AAPL) smashed earnings last night and twitter is full of the pundits (who were ALL bearish end of last week) now calling for $800 and $1000.

WTI - CL June daily bull flag or stay in the wedge & more downside?
Bigger picture we are still in a bearish gartley pattern (see here chart from 7 weeks ago) but CL a better long set up than Brent. If this flag breaks to the upside and we close above 110 then upside targets are 116.50 & 121.60

AUDUSD 4 hr chart. Similar setup, channel/wedge set for bullish breakout to the upside after triple bottom now on 50fib level